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Mary Easton
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    National Association of Realtors

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Archive for November 2008

Are You Worried About Foreclosure in Auburn?

Tuesday, November 18th, 2008

For those worried about foreclosures, time is your enemy.  Many borrowers are facing foreclosures because their “interest only” or “variable rate” loan interest terms have caused their monthly mortgage payment to skyrocket beyond what they could afford.  For those in Auburn facing foreclosure because of your loan problems, you are not alone. According to the New York Times, about 1 in 11 mortgage holders face loan problems, which often lead to a foreclosed home. Loan modification allows homeowners and lenders to change the terms of a loan in order to stop foreclosures.  A loan modification is NOT a new loan.  It is often the ONLY option for some homeowners with bad credit that are behind on their mortgage who are striving to avoid foreclosure.

Here is how it works:  The owner of the home contacts their lender and lets the lender know that they are having trouble with the current mortgage payment.  Often the lender will want evidence of their income and reasons why they are having trouble with their home mortgage.  It is a renegotiation process, and loan restructuring of an existing mortgage note.  There should be no loan fees involved, since it is not a refinance nor is it a new loan. A loan modification can be done in several ways or a combination of ways such as:

  • The loan’s interest rate may be reduced.
  • The interest rate could be changed from an adjustable to a fixed rate.
  • The period of time the borrower has to pay the loan back can be lengthened.
  • The type of loan could be changed altogether.

If you are a homeowner in Auburn facing a foreclosure, remember it is always homeowner’s best interest to avoid foreclosure and try to keep their home, and it is also in the lender’s best interest to help the homeowner as well.  Lenders do not prefer to take a foreclosed home since it is a hassle for them and also a money-losing situation most of the time.  This loan modification process is a solution that turns a bad situation into a win-win situation for both parties.

Auburn’s Community and Me!

Tuesday, November 11th, 2008

Thank you for visiting my webpage and blog.  I have lived in South King County for 28 years, and have been a realtor 22 of those years. I enjoy working with people, and I have successfully helped many people buy and sell homes.  Having been through both up and down markets over those years has enabled me to work with some of the best and honest senior loan mortgage officers, ones who actually care about the loans that their clients are getting, rather than slam them into a loan with a “teaser rate” that may not be right for that homeowner down the road.

My professional contacts are just like myself, having honesty and integrity, and consequently we are there to help people, to help them find them the best home or investment for their needs, and also to help them find the best loan that will service them for years to come.  (Ex: Not having to refinance every 2 years, not having to worry about extreme adjustments in their payments, interest rate etc., with the buyer sometimes not really understanding the loan at all, not knowing the questions to ask, or not being told the whole truth.)  My opinion is that if I give my customers the best service and advice, then they will come back to me for future business as well as recommend me to their friends.

I have chosen Auburn to be my area of expertise, although I service many other surrounding areas as well.  Auburn is close to nature, and with just a step outside the city limits, one can go for a Sunday drive down the curving Green Valley Rd. along the Green River.  What a treat that is, any time of the year, all the way to Flaming Geyser Park.  (Although you may be disappointed in the flame, it is just a small flame).  Go picking morrell mushrooms in the parks along the river in the spring (you have to know how to identify the morrell mushrooms), watch the salmon come up the river in the fall, go hiking, bicycling, walking, jogging, kayaking, swimming, golfing, dining, go to the horse racetrack at Emerald Downs, take a short drive to the many waterfront areas on Puget Sound, (sailing, boating, camping) and much, much more.  The shopping is great, with local markets and shopping mall, movie theater, plays, high school football games, attend Green River Community College, parades, and community events. Wow! Can’t ask for too much more. Every week will bring a new topic from me, so be sure to subscribe to the RSS feed on the page to receive the weekly updates.

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  • Avg. Days on Market: 95

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